Intel Corporation (NASDAQ:INTC)’s Underweight rating has been restated by Morgan Stanley analysts with a price target of $24.00 in a research note issued on Monday. In their report, the analysts noted that a gross margin of around 58% was expected on flat revenue in 2014, while the company’s has given a guidance of 61%. This according to analysts was a nice surprise in the first quarter; however, “our belief is that GMs are peaking in 2q (as mgmt said), and will be under pressure next year.”

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Verdict of other analysts

Intel Corporation (NASDAQ:INTC) was assigned a rating from number of analyst firms recently. Zacks analysts maintained their Neutral rating on the stock in a research note published on Thursday, April 17th. They have set a price target of $28.00 on the stock. Susquehanna analysts maintained a Neutral rating on Intel shares with a price target of $23.00 in a research note issued on Wednesday, April 16th. MKM Partners restated their Neutral rating on the chip maker with a price target of $27.00 in a research note published on Wednesday, April 16th.

Intel Corporation (NASDAQ:INTC) was assigned a Sell rating from five equity research analysts, Hold from sixteen analysts and Buy rating from fifteen analysts. One researcher has assigned a Strong Buy to the stock. The chip maker Intel currently has a consensus rating of Hold and a consensus target price of $26.47.

Intel focusing on wearables

For the recently ended quarter, earnings for Intel came in at $0.38 per share above the consensus estimate of $0.37. The chipmaker posted revenue of $12.80 billion for the quarter, compared to the consensus estimate of $12.81 billion. Revenue surged 1.5% on a year over year basis. For the full fiscal year, analysts are expecting the company to post earnings per share of $1.89.

Separately, Intel Corporation (NASDAQ:INTC) announced the ‘Make it Wearable’ competition earlier, which is being conducted in two stages. The second phase has begun and the company is now accepting ideas and concepts from participants. Ten finalists will be awarded $50,000 in cash and the grand prize winner will be entitled to $500,000. Participants from 27 countries can take part in the event.

In after-hours trading on Tuesday, Intel shares were down 0.27% to $26.04